ENBD’s CEO to quit by year-end

Rick Pudner, chief executive of Emirates NBD, Dubai’s largest bank, is resigning, the bank said on Sunday without giving a reason.

By (Reuters)

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Published: Mon 22 Apr 2013, 10:39 PM

Last updated: Sat 4 Apr 2015, 9:33 AM

Pudner is expected to stay in the job until the end of this year; “then he will hand over the role to a new leader as part of the succession planning process and the organisation’s strategy for change and transformation,” Emirates NBD said in a brief emailed statement.

The statement noted that Pudner had joined Emirates NBD over seven years ago and had contributed to all the achievements of the bank.

Emirates NBD is due to report first-quarter earnings on Thursday; the average forecast of three analysts is for the bank to post a 5.4 per cent rise in net profit versus the same quarter last year to Dh676 million ($184 million).

Pudner’s departure comes at a key time for the bank as it embarks on overseas expansion; Pudner told Reuters last November that ENBD aimed for international revenues of around 15-20 per cent of its total in five years’ time, up from five per cent at present.

Emirates NBD, 56 per cent-owned by state fund Investment Corp of Dubai, is close to completing a $500 million purchase of BNP Paribas’ Egyptian assets.

Pudner joined Emirates Bank as chief executive in early 2006. A year later, the bank merged with National Bank of Dubai in one of the region’s largest tie-ups to form Emirates NBD. Previously, Pudner worked for over 24 years at HSBC. 

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